"Paul has been by my side throughout this campaign, providing a deep understanding of financial markets, extensive experience managing economic crises, and keen insight into the global nature of this particular crisis," Obama told reporters, calling Volcker "one of the one of the world's foremost economic policy experts."

Obama said a key purpose of the board would be to provide a perspective from outside the walls of the Washington "echo chamber," which he said "can sometimes keep out fresh voices and new ways of thinking."

The announcement came during the president-elect's third news conference in three days on the economic situation.

Austan Goolsbee, a University of Chicago economist who has been one of Obama's top economic advisors, will serve as Staff Director and Chief Economist of the board.

Obama said he would name other members of the board "in the coming weeks." He is due to take office on January 20, 2009.

The board will brief Obama, offering independent, nonpartisan information, analysis and advice to the president as he formulates and implements his plans for economic recovery, Obama's transition office said.

It will be established initially for a two-year term, after which Obama will determine whether to continue its existence based on its continued necessity.

soundoff(186 Responses)

FreeNLovIt

to Alien

Run by Zionist? What has the MIddle East done to help the peace process? All they ever done is blow themselves up. Thank God we are a Christian nation and we understand and value LOVE and FORGIVENESS. We're not perfect, but we know when we have to back down.

November 26, 2008 12:24 pm at 12:24 pm |

Robert in raleigh

Ed Henry , I didn't know that you were that stupid , I'm shocked , but you are a talking head........ You Be President , since you have all the answers...

November 26, 2008 12:26 pm at 12:26 pm |

SJC

To Ann,

You said:

"Obama needs more baby sitters ."

As opposed to that intellectual giant, George Bush, who made all those brilliant decisions all by himself. It seems Rush and Fox news have laid out all those taliking points for knee jerk listeners to parrot. If Obama had picked unknowns you, no doubt, would have ranted that these were nobodies who don't have any experience. Do yourself a favor, turn off that right wing claptrap you listen to and try some logical, rational thought. It'll make you feel a lot better.

November 26, 2008 12:26 pm at 12:26 pm |

afra

BLESSED THANKSGIVING TO EVERYONE, ESPECIALLY THE NEW FIRST FAMILY IN WAITING. CAN'T WAIT FOR JAN. 20. GOD BLESS.

November 26, 2008 12:27 pm at 12:27 pm |

FreeNLovIt

Obama has at his command, the rights to SUMMON republicans and democrats to help him. Those that love America, will bite the bullets like Hillary did during the campaign and come to his aid to lieft America up. There's no true American than Hillary when she stood up for Bill and when she stood up for Obama. It's the ability to BITE anger that makes America a great country. Thank God we dont strap ourselves with bombs and we understand LOVE and FORGIVENESS.

November 26, 2008 12:27 pm at 12:27 pm |

FreeNLovIt

I'm fine with a two-party system. If we have too many parties, we'll all be fragmented and nothing will get done too. The important point is that we need tomake sure both parties are disciplined. It doesnt matter how many parties we have,, it's the quality not th equantity.

November 26, 2008 12:28 pm at 12:28 pm |

JuanM

Hahahahaha....look how quick Obama is already moving away from his campaign promise to balance the budget. These two parties are idiots and we keep voting them in. Now, since Obama is being run by Clinton, the new talking point is "Change is the Policy." Hahahahaaaaaa...oh man you Kool-aide drinkers are funny. God forbid you question Obama.

During the election Obama cried and cried about Bushes judgement . Now what does Obama do- he leaves Gates in. Hahahaha."Change is the Policy" huh.

November 26, 2008 12:29 pm at 12:29 pm |

cosmogirl34

To Ann:

That was really mature. How about our President elect surrounding himself with the most respected and informed individuals as opposed to loyalist who aren't qualified for the positions they're put in. Your future is only at stake and that's the best that YOU can say.

November 26, 2008 12:32 pm at 12:32 pm |

Arthur James

81-year-old Volcker can hardly be considered a fresh voice. Are we stepping back in time now instead of looking to the future, Mr. President-Elect?

Not that experience doesn't count, but he makes John McCain look like a spring chicken.

November 26, 2008 12:32 pm at 12:32 pm |

Alan

Well, I guess so much for change, it was nice while it lasted. What amazes me is how he continues to lie to us and everyone laps it up. About 80% of his selections have been ex-Clinton officials. How is that change?? It's too bad, he ran as a black man, but he is governing as a white man. By the end of his 1st term, Bush is going to look pretty darn good. At least be man (or woman) enough to admit that you all fell for his slick talk and lies. Ha Ha.

November 26, 2008 12:33 pm at 12:33 pm |

Parrots All

Short fact here, in 2004 the Republicans were pushing for regulation and oversight for Fannie and Freddie. Throw the blame around all you want, but please stop stating the opposite as fact. The Dems are as much a culprit for the "housing bubble" as the Repubs. Barney Frank comes to mind.

Both political parties are to blame and there is plenty to go around, but making incorrect allegations shows your own ignorance and renders the remainder of your comments invalid.

I'm sick and tired of logging on this board and reading nothing but vitriol to try and support an urban legend. Perhaps a more civil tone for discussion would be productive. If you want to vent, go to Daily KOS.

November 26, 2008 12:34 pm at 12:34 pm |

Competent people is what we need

To all those who keep mocking the change slogan,

Get it in your heads, change is about new policies, a new direction for the country, not about bringing in inexpericed people to deal with these unprecedented problem the country is facing.

Looks like Obama is what this country has badly needed for decades, a pragmatic president. He's bringing in experts, people who know the issues.

Seriously, what are you all whining about? Do you want Obama to briging people like Michael Brown to deal with all these issues just to satisfy ignorant morons like you??? Do you remember how great of a job he need running FEMA? Yes, let Obama appoint incompetent people to the these posts

November 26, 2008 12:34 pm at 12:34 pm |

Helene

President-elect Obama is making decisions that are sound and helpful. He is the real President right now, while that turkey Bush does nothing. What I appreciate with Obama is his ability to gather around him the best experts. That in my opinion is true leadership.

November 26, 2008 12:40 pm at 12:40 pm |

Reagan/Nixon '08

How does change equate to using previous administrations cronies?

November 26, 2008 12:41 pm at 12:41 pm |

young and informed independant

to alan:

DO YOU REMEMBER WHAT IS WAS LIKE DURING THE CLINTON ADMINISTRATION?
GOOD ECONOMY, LOW GAS PRICES...

ANYBODY WHO IS GOOD AT THEIR JOB OF COURSE WAS IN THIS ADMINISTRATION AND
WHY WOULDN'T WE WANT SOME PEOPLE WHO CLEANED UP AFTER GEORGE SR. TO CLEAN UP AFTER BUSH JR??

CHANGE MEANS NEW POLICIES AND NEW DIRECTION. NOT INEXPERIENCE.

HE'S ALREADY PROVEN HE IS WILLING TO DO WHATEVER IT TAKES TO GET US ON THE RIGHT TRACK
IF THAT MEANS BRINGING IN THE BEST WHO HAVE HELPED US BEFORE?? THEN SO BE IT.

November 26, 2008 12:42 pm at 12:42 pm |

Hilary

Seriously...can you haters make up your mind as to what it is you want? I see a lot of posts from people saying how Obama's picks are just more of the same, blah, blah, blah. I'd bet anything that if he had brought in all those "fresh faces" you say are out there, you'd be ranting about how he's picked a bunch of inexperienced people and saying "God help us." We need smart, competent people to fix the problems we're facing, not a bunch of village idiots.

Ed Henry:
Other than being a claptrap reporter just where does all your expertise come from? Maybe you ought to talk to David Gergen who actually has WORKED for three presidents and probably knows a little more than you about these things.

November 26, 2008 12:45 pm at 12:45 pm |

Ted van Tol

To Alan:

I seccond this message, special for you.

November 26th, 2008 12:34 pm ET

To all those who keep mocking the change slogan,

Get it in your heads, change is about new policies, a new direction for the country, not about bringing in inexpericed people to deal with these unprecedented problem the country is facing.

Looks like Obama is what this country has badly needed for decades, a pragmatic president. He's bringing in experts, people who know the issues.

Seriously, what are you all whining about? Do you want Obama to briging people like Michael Brown to deal with all these issues just to satisfy ignorant morons like you??? Do you remember how great of a job he need running FEMA? Yes, let Obama appoint incompetent people to the these posts

November 26, 2008 12:45 pm at 12:45 pm |

FreeNLovIt

If ya ALL are so smart, who can step up to the plate of Vokler? He looks disciplined and ready to do the RIGHT THING even if it means it will HURT. We need STRONG disciplined people who can make tough choices RIGHT ABOUT NOW, not people that pleases only Wall Street or Main Street but All STREETS. If you said Vokler is not good enough, stick your neck out there and prove that you are better. I'm sure Obama will take you in. First and foremost, he's setup a new external post with Vokler so I'm sure you are more than welcome to VOICE your frustration in there. We need quality politicians. I'm glad Obama is RUNNING the show the way he wants it. The END RESULT IS ALL THAT MATTERS. 'The end justifies the means'

November 26, 2008 12:47 pm at 12:47 pm |

Amazed

Wow, when did change not include experience? For all of you whinning about Obama putting ex-Clinton administration people into positions, get a grip. The one thing you need is a mix of experience and new ideas. You guys just need to understand that we are in an unprecedented time and we need all hands on deck to get us out of the mess we are currently in. If you don't have anything good to say, try not saying anything....or just hold your breath and hope for the best.

November 26, 2008 12:47 pm at 12:47 pm |

Danielle, TX

CNN, you need to tame Ed Henry. He was quite disrespectful today.

November 26, 2008 12:48 pm at 12:48 pm |

Randy - Denver

Intelligent change is coming

the change is in the way the people are being used, it is not radical blind change but a thoughtful directed change.

You take experianced people put them in a new group and give them different direction that way you get the change needed AND you are able to use the experiance gained. See intelligent change is not just putting inexperianced people in places but putting experianced people in new places where there experiance still is worth while.

November 26, 2008 12:48 pm at 12:48 pm |

FreeNLovIt

If I'm dying from a heart-attack or I have cancer, I definitely want broad discussions of the best minds. I wouldnt want to go to Joe the Plumber for a final analysis.